MYOB Essentials, you should use statements to add all other transactions for you. It helps if you always pay for business purchases with a card, cheque or by direct deposit, and avoid using cash—cash transactions are not as traceable as other payment methods. What’s in a bank or credit card statement?A statement contains information about the transactions made on an account. Each transaction is listed with details like the transaction date, the amount, whether it is money in (credit) or money out (debit), the type of transaction (direct deposit, point of sale, cheque, bank charge, interest, and so on), and a transaction name and description. Some banks provide more information, but the minimum is usually enough to identify your transactions. How frequently should I import bank and credit card statements?This is up to you, your accounting advisor, and the number of transactions going though your accounts. At first you should get statements at least monthly (or even daily if you have many transactions each day). As you get better at processing, you should be able to reduce the frequency. Remember to note the period covered by each downloaded statement so there is no chance of missing some, or of importing entries twice. For more information on working with bank statements in MYOB Essentials, see the following sections: |